10Y Note Speculators Sharply Cut Back On Their Bearish Bets This Week
Zachary Storella | Sep 01, 2018 11:56PM ET
10-Year Note Non-Commercial Speculator Positions:
Large bond speculators sharply reduced their bearish net positions in the 10-Year Note futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
The non-commercial futures contracts of 10-Year Note futures, traded by large speculators and hedge funds, totaled a net position of -529,820 contracts in the data reported through Tuesday August 28th. This was a weekly rise of 170,694 contracts from the previous week which had a total of -700,514 net contracts.
Speculative bearish positions dropped sharply this week after reaching a new record high bearish position last week that also marked the first time bearish bets had pierced the -700,000 contract level.
This week’s rise in bullish bets (or decline in bearish bets) was the highest one week gain since April 25th of 2017 when the weekly position rose by 255,942 contracts.
10-Year Note Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 667,882 contracts on the week. This was a weekly loss of -185,017 contracts from the total net of 852,899 contracts reported the previous week.
IEF ETF:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the 7-10 Year Treasury Bond ETF (IEF) closed at approximately $102.43 which was a decline of $-0.25 from the previous close of $102.68, according to unofficial market data.
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